Do you work as a landlord or intend to rent out a piece of property in the future? If so, you’ll need to understand the potential complications that could occur. The renter may disobey the rules and do extensive damage to the property. Or, they may fail to pay their rent. In order to ensure that you’ll be able to take action against these misdeeds, you’ll want to make sure the renter signs a residential lease agreement, before moving in.
What Is It?
Although the agreement can be fairly complex in legal terms, the document itself is simplistic. It simply contains information about the rented property, the renter, and the agreement between the landlord and the renter. The document should also contain the date of the agreement and signatures from both parties.
How It Helps
This agreement helps in a variety of ways. First and foremost, it helps to guarantee both the renter and the landlord are fully aware of the terms of the agreement. They’ll know exactly how much will need to be paid each month and what the repercussions of missing a payment will be. The document can therefore help to solve future problems, before they occur. And of course, it’ll protect the landlord and their property and give them the ability to take legal action, if necessary.